Bitcoin Price Surges Above $105,000 with $120,000 Target Ahead

Bitcoin (BTC) has surpassed $105,000, approaching its record high from January. Market expert Doctor Profit predicts further price increases driven by several factors.

Key Insights

Doctor Profit identified $100,000 as a significant target, with the next targets between $116,000 and $120,000.
A bullish divergence on the daily chart suggests potential price increases, with better success rates than longer time frames.
The funding rate is stable, indicating no over-leveraged positions in the market.
US exchange-traded funds (ETFs) are accumulating Bitcoin at eight times the current mining output.
Retail traders have been less active amid recent volatility.

Potential Market Movements

Strong retail buying occurred around $90,000, which is seen as a liquidity hotspot.
A potential dip to $90,000 could provide an optimal entry point for investors.
Moody's downgrade of the US credit rating may introduce volatility; historical context indicates possible swift market corrections.

Despite short-term fluctuations, Doctor Profit maintains a bullish outlook for BTC, expecting a target of $116,000 to $120,000. Major institutions like BlackRock continue to increase their Bitcoin purchases, signaling strong market interest.

Currently, BTC is trading at $105,400, reflecting a 12% increase over the past two weeks and nearly 24% over the past month. Year-to-date, it has gained 60%, compared to XRP’s growth of over 300% in the same period.